A Badly Drafted Will (…or, worse, no Will at all!) Could Leave Your Loved Ones Facing Financial Disaster
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Whilst never a cheerful consideration, it’s a plain fact that we will all die one day. Yet a staggering 27 million of people in England and Wales do not have a Will.
This astounding figure could be attributable to a misunderstanding of the implications of dying without a will. An equal worry is the failure to see the dangers of unregulated “will-writing services”. In fact, a poorly drafted Will can be even more damaging than no Will at all. |
It is simple: if you have something to leave, no matter how little (and it is the smallest Estates that can generate the greatest amount of quarrelling), you need a Will and one that is properly drafted.
Beware of using an unregulated “will writer” and be very cautious about accepting the services of providers who often offer free or discounted services. The realities of these services are that, more often than not, customers are ultimately charged far more than they would be for using a specialist law firm that also has the expertise and experience to spot a problem.
Often unregulated will writing providers charge customers an annual storage fee for their Will, whereas most solicitors store Wills free of any charge or administrative charges, providing copies without charge. There is evidence to suggest that in a number of cases the Wills drafted fail to accord to client’s instructions, are invalid, and the particular effects of certain clauses are simply not explained properly.
A future risk is that if the provider goes out of business they may not be traceable – whereas The Law Society keeps a strict check on the whereabouts of Wills drawn by solicitors.
A cheap Will may seem an attractive offer, but it is fraught with danger, which may not manifest itself until it is too late. The ultimate legal costs of Will writing can be far more costly if it is done badly. Peace of mind is paramount. A claim made for negligence against an unregulated will writing provider may be worthless, as the business may be uninsured and can be closed down without any impact on the service provider - leaving the client or his family without any form of redress.
Solicitors work to the highest professional qualifications, are stringently regulated by the Solicitors Regulation Authority and have broad based legal experience - so they can advise properly. This is particularly the case here at Silverman Sherliker, as we can provide a wide range of legal knowledge across other associated areas, such as property, tax planning and family law.
Death is never a pleasant consideration, but making the right preparations in advance could save you and your loved ones untold anguish.
For more information, please contact Andrew Kidd (ajk@silvermansherliker.co.uk) or Claudia Whibley (csw@silvermansherliker.co.uk) within our Private Client team, or call +44 (0)20 7749 2700. |
